US: Philly Fed Manufacturing Index jumps to 36.7 in February vs. 12 expected

• Manufacturing activity in Philadelphia region gathers momentum in February.
• US Dollar Index clings to daily gains below 100 after upbeat data. 

The economic activity in the manufacturing sector of the Philadelphia region expanded at a strong pace in February with the headline Diffusion Index of the Philly Fed's Manufacturing Business Outlook Survey jumping to 36.7 from 17 in January. This reading, which is the highest since February 2017, also beat the market expectation of 12 by a wide margin.

"The index for new orders increased 15 points to 33.6, its highest reading since May 2018," the publication read. "The survey’s current employment index remained positive but moderated this month. The survey’s future indexes indicate that respondents continue to expect growth in manufacturing activity over the next six months.

USD reaction

Despite the upbeat data, the US Dollar Index struggled to gain traction and was last up 0.25% on the day at 99.84.